Filing tax returns can be tedious and time-consuming, often involving complex regulations and detailed documentation. However, outsourcing this task to a professional firm can significantly reduce the burden. With expert handling, Building Up Ledger ensures compliance, minimize errors, and optimize deductions while saving valuable time. Outsourcing allows individuals and businesses to focus on their core activities, alleviating stress and providing a seamless experience. This approach ensures accurate filings and brings peace of mind, enhancing overall efficiency and financial security.
Tax Filing Process
Step 01
Determine if you qualify to File Tax Returns
Step 02
Identify the Tax Bracket you fall into
Step 03
Be aware regarding important Tax Filing Deadlines
Step 04
Refer Tax Document Checklist & Organize required documents
Step 05
Decide which form to file
Step 06
Complete Tax Filing and Statement with IRS
Tax Filing Essentials: A Comparison of Requirements for Individuals and Entities
Form 1040 (Individual)
Determine filing status (single, married, etc.)
Require Social Security Number (SSN)
Require W-2, 1099, business income, other sources
Claim Standard or itemized (Schedule A)
Claim Child Tax Credit, EITC, Education Credits, etc.
Require Schedule C for self-employed
Due date on or before April 15 or file extension
Extension through Form 4868
Form 1065 (Partnership)
Require Employer Identification Number (EIN)
Require Partnership income statement, K-1 for each partner
Claim deductions for business expenses
Due date on or before March 15 or file extension
Extension through Form 7004
Form 1120S
(S-Corporation)
Require Employer Identification Number (EIN)
Require K-1 statements for each shareholder
Claim deductions for business expenses
Claim S-corp-specific credits
Due date on or before March 15 or file extension
Extension through Form 7004
Form 1120
(C-Corporation)
Require Employer Identification Number (EIN)
Require Corporate income statements, 1099, other sources
Claim deductions for business expenses
Claim Corporate credits
Due date on or before April 15 or file extension
Extension through Form 7004
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